Statistics released by the Vietnam Association of Seafood Exporters and Producers (VASEP) indicate that squid and octopus exports fell by 16.9% on-year during the opening six months of the year to US$240 million.
Despite this drop, exports to many markets such as the Republic of Korea (RoK), ASEAN, China, and the United States witnessed growth in comparison to previous times.
The RoK is traditionally one the nation’s largest buyers of squid and octopus, accounting for 42.5% of total exports. Indeed, June alone saw exports to the RoK market increase by 23.5%, although due to sharp decreases witnessed in previous months, they suffered a decline of 15% to US$102 million during the first half of this year.
Elsewhere, Japan came second, making up 24.4% of total exports. Squid and octopus exports to the Japanese market reached US$58.6 million over six months, representing a drop of 21% compared to the same period last year.
According to the VASEP, as the COVID-19 is not completely under control around the world, the supply of raw seafood and global demand for processed seafood is set to continue to fall, simultaneously causing a decline in Vietnamese exports.